During initial years of the development of satellite technologies, the
main focus of companies was on developing heavy- and large-sized
satellites. Although, over a period of time, the satellite industry has
witnessed several significant technological advancements which have
created extensive demand for small size satellites as well as
cost-effective launch solutions. Small satellites include CubeSats,
which are special types of cuboid-shaped smallsats, created in units of
a 10cm 10cm 10cm cube. The market of CubeSats is expected to show robust
growth rate due to increasing rate of investments in the space industry
by the government organizations.

Extensive demand for small satellite constellations, technological
expansion in electronic components for CubeSats, imminent need for
satellite miniaturization in the space industry, and increase in space
missions for academic research are driving the growth of the market.
Moreover, affordable launch of CubeSats and regulate the increasing
amount of space debris act as major challenges to the market. The
CubeSat market reported a revenue of $100.5 million in 2016, and the
commercial end user is expected to generate the highest revenue by 2022.

The commercial end user is expected to witness a high growth rate owing
to increasing research and development (R&D) activities to develop
CubeSat constellation for varied applications such as navigation,
provision of global wireless internet system, and telecommunication,
among others.